This artist’s rendering shows a Bucyrus 495 electric rope shovel painted in Caterpillar yellow with a new logo on it. The big machine is now known as the Cat 7495.

Bucyrus International Inc., the worldwide manufacturer of mining equipment founded in 1880, was acquired by Caterpillar Inc. on Friday and its corporate and brand names retired.

Caterpillar, the world's largest construction company, also said that it had decided to sell Bucyrus mining equipment under the Caterpillar brand name.

Bucyrus, which moved to Milwaukee in 1893, became the second old-line business in the Milwaukee area to be sold this week.

Marshall & Ilsley Corp., founded in 1847 and the parent of M&I Bank, was bought by BMO Financial Group on Tuesday and will operate under the brand name BMO Harris Bank.

The Bucyrus acquisition, announced in November, was valued at $8.8 billion, including debt, and was funded with cash and debt, Caterpillar said.

Bucyrus, based in Oak Creek, had revenue of $3.7 billion last year. It employs 1,400 people in the Milwaukee area and almost 11,000 people worldwide.

The company's stock closed at $92 a share - the set purchase price - on its last day of trading Friday and the company's website was taken down.

Tim Sullivan, chief executive of Bucyrus, also left the company on Friday.

When Sullivan became chief executive in 2004, Bucyrus ended the year with revenue of $454 million and its stock at $13.55 per share. Since then, its revenue has increased eightfold and its stock has increased more than sixfold.

The company's return on equity has averaged 25% for the past five years.

Sullivan could not be reached Friday.

Caterpillar has bought a company that has benefited from strong demand for mining equipment in Australia, Brazil, China and other countries because of high commodity prices - the company's earnings were up nearly 61% in its most recent quarter.

"On balance, investors are looking at this deal favorably," said Robert McCarthy, an analyst with Robert W. Baird & Co. "Investors have been inpatient for Cat to get bigger in mining."

Caterpillar, based in Peoria, Ill., plans to move the headquarters of its mining equipment division to Oak Creek and to integrate the two company's product lines.

"As of today, Caterpillar will have the broadest product line in the (mining) industry," said Rusty Dunn, a Caterpillar spokesman.

The two companies have been working on the transition for several months.

But Dunn said, "The real work is just beginning."

Caterpillar said it decided to drop the Bucyrus brand name after seeking input from dealers, customers, Bucyrus executives as well as outside industry and branding experts.

"The decision to go with one brand was not taken lightly," said Rusty Dunn, a Caterpillar spokesman. "There was a lot of time and attention given to the branding decision."

The decision was not unexpected given that Caterpillar has one of the most recognizable brands in the world. But McCarthy noted that Bucyrus also is a venerable name.